CBA tops $14.7 billion foreign exchange reserves

In the first quarter of 2014, the total amount of currency reserves held by the Central Bank of Azerbaijan (CBA) reached $14.715 billion.

Annual calculation of the CBA currency reserves have risen by 19.32 percent, or $2.38 billion (the Central Bank's foreign exchange reserves amounted to $12.33 billion in the first quarter of 2013), the bank said in a statement on April 7.

As the CBA Deputy Chairman Avtandil Babayev told Trend earlier, the regulator plans to increase its reserves to $16 billion by the end of 2014.

"However, our goal is not to increase reserves, but to increase their stability," he said